Soft Bank Group-backed online insurance aggregator Policybazaar has filed for an initial public providing of up to Rs 6,018 crore ($809.36 million), entering a string of Indian startups that have tapped capital markets in recent months.
Indian food-delivery firm Zomato had a stellar public debut previous month, while fintech company Paytm has filed for a listing as markets hover at record highs and cash-laden investors hunt for firms expected to benefit in the post-pandemic world.
PB Fintech, Policybazaar's parent, would issue new shares worth Rs 3,750 crore and existing investors would offload shares worth Rs 2,268 crore in the offering, a draft prospectus showed on Monday.
SoftBank unit SVF Phython II (Cayman) is trading Rs 1,875 crore of shares.
Launched in 2008, Policybazaar is an online platform for customers and insurer partners to trade products.
The firm said it would use the proceeds of the IPO to build its brand, develop an offline presence, and make investments and acquisitions.
Policybazaar is also targeting a pre-IPO issue of shares worth Rs 750 crore, and would cut the size of the offering's fresh issue component if the placement is completed.
Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the book leading managers for the IPO.